FCP sold of an office and apartment property in Raleigh for $72.3 million. Kane Realty acquired both The Pointe at Midtown, a 365-unit multifamily community and the 115,413-square-foot Grove Towers (photo) office asset in Raleigh, N.C. The Triangle Business Journal reports FCP paid $37.1 million for it five years ago.
Kane plans to raze both the office and apartment community and replace it with a mixed-use development. The City of Raleigh approved a rezoning that allows the construction of 37-story towers.
Kan is permitted up to 2,521 multifamily units, 1.7 million square feet of office and medical space and 263,465 square feet of retail space…